Mobile payments, also known as proximity mobile payments, are Point-of-sale (POS) transactions completed with a mobile smartphone. Allows for the completion of transactions at the point of sale (POS) by tapping, scanning, swiping, or checking in with a mobile device. It also supports tablet transactions and remote purchases of digital items that are delivered later.
According to SPER market research, ‘Proximity Mobile Payment Market Size- By Product, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Proximity Mobile Payment Market is predicted to reach USD 67.47 billion by 2033 with a CAGR of 13.04%.
Global Proximity Mobile Payment Market Driving Factors:
Since mobile payment technology and digital economic architecture have become widely accepted, the proximity mobile payment market has emerged as a very modern market. Paying with a mobile phone or other wireless device is known as proximity mobile payment. Right now, NFC and barcodes are two of the top competitors in the global proximity mobile payment market. In the upcoming years, demand from the worldwide proximity mobile payment market is expected to be driven by proximity mobile payment systems' tremendous utility in making payments easier, more secure, and more comfortable for clients. However, proximity mobile payment systems do require a considerable volume of supporting technological architecture.
Global Proximity Mobile Payment Market Challenges:
The market for proximity mobile payments is full of opportunities, but it also has significant obstacles to overcome. One of the biggest obstacles is the general concern about security, as both organisations and customers want robust defences against possible cyberattacks and data breaches. One challenge to standardisation is the absence of global standards, which could restrict interoperability and cause market fragmentation. Gaining customer trust is still a difficult task that requires a lot of work to allay worries about data privacy and payment security.
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COVID Impact: The Proximity Mobile Payment industry is significantly impacted by the COVID-19 epidemic. The demand for touchless and contactless payment systems surged significantly as the world faced lockdowns, social distancing measures, and growing hygiene concerns. Customers' desire to minimise physical contact with cash, credit cards, and payment terminals to reduce the risk of virus transmission was a major factor in this unanticipated rise in popularity. People all over the world are choosing mobile wallets and applications because they offer a quick and secure method to use cellphones for financial transactions.
Additionally, some of the market key players are ACI Worlwide Inc, Alphabet Inc, Apple Inc, Mastercard Incorporated, Square Inc, Visa Inc, Others.
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